Mediterranean Investments Holding plc – €40,000,000 5.0% MIH p.l.c. Bonds 2022 – Basis of acceptance
Mediterranean Investments Holding p.l.c. (the ”Issuer” or “Company”) is pleased to announce the basis of acceptance for the €40,000,000 5.0% Unsecured Bonds 2022 Guaranteed by Corinthia Palace Hotel Company Limited (the “Bonds”).
In terms of the Prospectus dated 29 May 2017 (the “Prospectus”), the Bonds were available for subscription by holders of the 7.15% Mediterranean Investments Holding p.l.c. Bonds 2015-2017 in EUR, GBP and USD (the “Maturing Bonds”) and by holders of Existing Corinthia Bonds.
The Company received a total of 6,819 applications (including applications under nominee) for a total value of €82,661,700.
Holders of Maturing Bonds were given preference to subscribe for the Bonds by surrendering their respective Maturing Bonds, subject to a minimum application of €1,000 and were also given the opportunity to apply for additional Bonds pari passu with applications received from holders of Existing Corinthia Bonds.
Total Maturing Bonds transferred to the Company in exchange for Bonds amounted to the equivalent of €28,375,534 representing 71.08% of the Maturing Bonds. This amount was allocated in full together with: i) the guarantee €1,000 to applications whose holding in the Maturing Bond was under this threshold and ii) the rounding up to the nearest €100 of applications by holders of Maturing Bonds in GBP and/or USD.
Additional amounts applied for by holders of Maturing Bonds, and applications received by holders of Existing Corinthia Bonds, were allocated the first €1,000 in full and 12.586% on the remaining balance rounded to the nearest €100.
In accordance with the Prospectus, interest on the Bonds will commence on 6 July 2017 and refunds of unallocated monies will be made by latest 3 July 2017. The Bonds are expected to be admitted to listing on the Official List of the Malta Stock Exchange on 5 July 2017 and trading is expected to commence on 6 July 2017.
Redemption of outstanding amounts on the Maturing Bonds together with payment of interest up to and including 5 July 2017 will be made on 6 July 2017.
The Board of Directors would like to thank the holders of Maturing Bonds, holders of Existing Corinthia Bonds and Authorised Intermediaries for the support shown in this Bond Issue.
To view the official company announcement, click here.